Global Oil Prices Surge 30% in a Week: Putin Discusses Energy Markets Situation at Kremlin

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Russian President Vladimir Putin convened a meeting at the Kremlin to discuss the situation on the global oil and gas markets. The in-person gathering focused on addressing the implications of the sharp escalation in global energy markets.

According to the president, recent events in the Middle East have caused significant volatility in the energy market. The increase in tensions in the region following military actions involving the U.S. and Israel against Iran has already affected oil prices and supply prospects.

Opening the meeting, Putin expressed his expectation to hear assessments from industry experts and representatives regarding the current state of global markets. He stressed the importance of coordinated actions between the state and private energy companies in the new environment.

During the meeting, strategic steps for Russia in the global energy sector will also be discussed, taking into account the further development of the situation in the Middle East.

The president highlighted the sharp increase in oil prices. According to him, global prices have risen by about 30% over the past week. Putin noted, however, that the current price spike is likely to be temporary.

Separately, the president pointed to risks for raw material supplies through key transportation routes. He assessed that oil production linked to shipments through the Strait of Hormuz could be at risk of complete shutdown within the next month.

Despite these challenges, Russia intends to continue fulfilling its export obligations to reliable partners. Putin emphasized that oil and gas deliveries will continue to countries that remain stable buyers of Russian energy resources, including Slovakia and Hungary.